Astera Labs, Inc. Common Stock
Q1 2024 Earnings
Did ALAB Beat Earnings? Q1 2024 Results
Astera Labs delivered a standout debut as a public company in Q1 2024, posting revenue of $65.26 million, a 269.4% year-over-year surge that cleared the $56.71 million consensus estimate by 15.07%, while non-GAAP diluted EPS of $0.10 ran well ahead of the $0.04 analyst expectation for a 150% beat. The primary engine behind the quarter's strength was accelerating AI infrastructure deployment at hyperscale data centers, which drove demand for the company's PCIe and CXL connectivity solutions and lifted non-GAAP gross margin to 78.2%. The results arrived against a complex GAAP backdrop shaped by the company's March 20 IPO, which triggered a $97.77 million stock-based compensation charge and pushed the GAAP net loss to $93.00 million, even as the offering itself raised $672.20 million and transformed the balance sheet. Options market activity heading into the report reflected considerable investor interest, with call volume running well above normal levels. Looking ahead, management guided Q2 revenue growth of 10% to 12% sequentially, with non-GAAP EPS of approximately $0.11, signaling continued momentum in AI infrastructure buildout.
- Accelerating deployment of AI infrastructure by hyperscalers
- Expanding capital investment in data center transformation for AI applications
- 269% year-over-year revenue growth driven by AI infrastructure build-out
“Astera Labs started the year strong, achieving record revenue in the first quarter, driven by the accelerating deployment of AI infrastructure.”
Astera Labs CEO, on the earnings call
Forward Guidance & Outlook
For Q2 fiscal 2024, Astera Labs expects revenue to increase 10% to 12% sequentially from Q1. GAAP gross margin is expected at approximately 77%, with GAAP operating expenses of approximately $79 million and GAAP diluted loss per share of approximately ($0.11) on ~155 million diluted shares. On a non-GAAP basis, gross margin is expected at approximately 77%, non-GAAP operating expenses at approximately $40 million (excluding ~$39 million of stock-based compensation), a non-GAAP tax rate of approximately 23%, and non-GAAP diluted EPS of approximately $0.11 on ~180 million diluted shares.
ALAB YoY Financials
Figures from SEC filings and company reports. Not investment advice.